The following trial balance of Reese Corp. at December 31, 2020 has been properly adjusted.

Reese Corp.

Trial Balance

December 31, 2020

Dr. Cr.

Cash $ 875,000

Accounts receivable (net) 2,695,000

Inventory 2,635,000

Property, plant, and equipment (net) 7,719,000

Accounts payable and accrued liabilities $ 1,761,000

Income taxes payable 654,000

Deferred income tax liability 170,000

Common stock 2,350,000

Additional paid-in capital 3,680,000

Retained earnings, 1/1/20 3,405,000

Net sales and other revenues 13,560,000

Costs and expenses 11,180,000

Income tax expense 476,000

$25,580,000 $25,580,000

Other financial data for the year ended December 31, 2020:

Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29, 2022.

During the year, estimated tax payments of $525,000 were charged to income tax expense. The current and future tax rate on all types of income is 30%.

In Reese's December 31, 2020 balance sheet,

The ending retained earnings balance is $__________